Investor Warning

NMPI Status

The Company currently conducts its affairs so that securities issued by New India Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of New India Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Morningstar Ratings

Fund Rating

Daily Data

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Literature

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

Trust Details

New India Investment Trust PLC

Registered Office:
Bow Bells House,
1 Bread Street,
London
EC4M 9HH

Registered in England and Wales as an Investment Company Number 2902424

New India Investment Trust PLC

Objective

To achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance. This emphasis on long-term capital appreciation will be demonstrated by benchmarking the Company’s net asset performance against the Morgan Stanley Capital International India Index (in Sterling terms).

Manager's Monthly Report

Market Review

India equities rose sharply in January, outperforming regional peers. Sentiment was buoyed
by the Reserve Bank of India’s (RBI’s) 25 basis point interest rate cut; the surprisingly
generous terms of the European Central Bank’s (ECB’s) quantitative easing programme; and
a further slide in global oil prices.

Portfolio review

There were no major portfolio changes in January.

Infosys enjoyed resilient demand in the quarter ending December 2014, helping to fortify
already healthy cash reserves. Sector peer TCS’s growth was more modest, although
demand from overseas, as well as in the hi-tech and life sciences markets, was decent.
In financials, Kotak Mahindra Bank’s solid results were underpinned by its retail franchise,
while lower fee income, higher provisions and an increase in non-performing loans weighed
on ING Vysya’s otherwise steady core business. Despite its robust retail division, ICICI
Bank’s loan growth was marred by flagging performance from its small-to-medium
enterprise and corporate businesses. While net interest margins improved, asset quality
slipped as several restructured assets became non-performing loans. Elsewhere, HDFC
benefited from higher treasury gains, although profits suffered from a deferred tax charge.

The consumer sector faced deteriorating sales and price cuts, with Hindustan Unilever and
ITC reporting lacklustre results. However, Hindustan’s business will benefit from lower input
costs over the longer term, while ITC maintains a healthy balance sheet, with good cash
generation, and a loyal customer base.

Meanwhile, a transport strike interrupted product distribution from some of Hero
MotoCorp’s main plants. The company is looking for alternatives and is seeking a speedy
resolution to the industrial action.

Outlook

The RBI’s long-awaited interest-rate cut was one of a trifecta of events that buoyed
investors’ spirits and sent equities soaring in January. There are also hopes that the eurozone,
awash with new liquidity, might be attracted to relatively high-yielding emerging markets;
while record-low oil prices continued to make life somewhat easier for Modi and his reform
drive. These factors should continue to support sentiment in the short term. However, all
eyes will be on the upcoming Union budget for firm evidence that the government is serious
about lifting India’s game. Meanwhile, with data indicating the fiscal deficit touched 99% of
its full-year target in the first eight months of the current fiscal year, there seems little hope
of any material state spending over the next couple of months at least.

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